- Grows Annual System-Wide Sales 21%, Compared to 2021 -
- Increases Comp Sales of 9%, Compared to 2021 -
- Opens 137 New Clinics, an Annual Record and Up from 130 in 2021 -
- Expands Year-end Total Clinic Count to 838, Compared to 2021 -
SCOTTSDALE, Ariz, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, provided operating metrics for the year ended 2022.
2022 Full Year Operating Highlights
- Performed 12.2 million patient visits, compared to 10.9 million in 2021.
- Treated 845,000 new patients, compared to 807,000 in 2021.
- Increased system-wide sales1 21%, compared to 39% in 2021.
- Delivered comp sales2 of 9%, compared to 29% in 2021.
- Sold 75 franchise licenses, compared to 156 in 2021.
- Grew total clinics to 838, 712 franchised and 126 company-owned or managed units, up from 706 clinics at December 31, 2021.
- Acquired 16 franchised clinics.
- Closed five clinics.
- Opened 121 franchised clinics and 16 corporate greenfield clinics, for a total of 137 new clinics in 2022, as compared to 130 new clinics in 2021.
”Our team continues to excel at improving quality of life through routine and affordable chiropractic care,” stated Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “In 2022, we grew beyond the company records we posted in 2021. We expanded our clinic network 19%, grew the number of annual patient visits by 12% and increased our new patient count by 5% over 2021. Although lower than our historical comparisons, our 21% system-wide sales increase and 9% comp sales increase are strong in this environment. In fact, in spite of higher interest rates, inflation and consumer uncertainty, we sold 75 franchise licenses. This is a major achievement and testament to our clinic business model. In 2023, we plan to continue to broaden our national brand recognition and execute our clinic expansion strategy in a measured manner to drive long-term growth and profitability.”
Q4 2022 Financial Results Reporting
Management intends to report its fourth quarter 2022 financial results on Thursday, March 9, 2023, after the market close. President and CEO Peter D. Holt and CFO Jake Singleton will hold a conference call at 5:00 p.m. ET that day to discuss the results.
About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. With more than 800 locations nationwide and over 12 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. Ranked number one on Forbes’ 2022 America's Best Small Companies list, number three on Fortune’s 100 Fastest-Growing Companies list and consistently named to Franchise Times “Top 400+ Franchises” and Entrepreneur’s “Franchise 500®” lists, The Joint Chiropractic is an innovative force, where healthcare meets retail.
For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, the nationwide labor shortage, which has negatively impacted our ability to identify and recruit qualified chiropractors and other personnel to staff our clinics, inflation, which has led to increased labor costs and interest rates and may lead to reduced discretionary spending by our current and potential patients, the continuing impact of the COVID-19 outbreak, which has caused significant disruption to our operations in the past and may continue to do so in the future in ways that remain unpredictable, our inability to successfully implement our growth strategy if we or our franchisees are unable to locate and secure sites for clinic locations or attract patients to our clinics, a failure to profitably operate company-owned or managed clinics, short-selling strategies and negative opinions posted on the internet which could drive down the market price of our common stock and result in class action lawsuits, our failure to remediate any future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence, expected new federal regulations and state laws and regulations regarding joint employer responsibility, which could negatively impact the franchise business model, a breach of our IT security systems and those of our third-party service providers (as recently experienced by one of our marketing vendors), which could result in civil liability and a diminished public perception of our security measures, and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022 and subsequently-filed current and quarterly reports. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.
Media Contact: Margie Wojciechowski, The Joint Corp., margie.wojciechowski@thejoint.com
Investor Contact: Kirsten Chapman, LHA Investor Relations, 415-433-3777, thejoint@lhai.com
1 System-wide sales include sales at all clinics, whether operated by the Company or by franchisees. While franchised sales are not recorded as revenues by the Company, management believes the information is important in understanding the Company’s financial performance, because these sales are the basis on which the Company calculates and records royalty fees and are indicative of the financial health of the franchisee base.
2 Comp sales include the sales from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed, respectively.
